The Town of Penhold has set a record with $3,864,500 of construction permits issued in January – a 618 per cent increase over the value during the same month in 2013.
In a report presented to Penhold council on Feb. 24 by Rick Binnendyk, the town's chief administrative officer, members were told the value of permits issued was almost $3.2-million more than a year earlier.
“We are very pleased to see such an increase in permits,” said Dennis Cooper, Penhold mayor. “It is a good sign that Penhold has begun to hit its stride and we are poised for major growth.”
A breakdown of the permit growth reveals there were six single-family homes valued at $1,224,500, three additions at $130,000, and four commercial permits priced at $2,510,000 that totalled $3,864,500. Last year's status revealed six houses valued at $593,000 and three garage/sheds at $20,000 for a total of $613,000.
Binnendyk added he expected the change in home warranty programs in February will not have much of an impact on construction permits and that growth will continue.
Cooper noted the opening of the Subway restaurant on Feb. 24 is another positive economic sign for Penhold.
“This is our first franchise restaurant,” added Cooper. “Over the next couple of months, we will also see our IDA drugstore open, as well as a doctor's office, a dental office, and a real estate office.
“Once the grocery store opens in spring we will have our major services in one location,” he added. “Next week the new building is breaking ground, and that will bring more business too. In essence, we are seeing the birth of our downtown core.”
Cooper added there are not many downtown cores witnessing 7,000 cars per day.
“If you include the fact that the average age is 30.5 years, the potential for attracting a variety of businesses is strong across all demographics,” he said. “We are in a very good position. Penhold is going to see explosive growth.”
